You should become very familiar with technology. Technology can make a business go from stressful to easy, with the push of a button. You should find software programs to help your business sort, find, order, or even deal with money. Technology can, and will, make your business run more efficiently. You need to be open to learning and using new technology it’s the only way you’re going to keep your business afloat.
10) When to exit
When you’re starting a business, you should always have an exit strategy. Getting out of a business doesn’t mean you’re giving up. It means you’re smart enough to realize your business was not being as successful as you would have liked, and to get out before it’s too late. When your business has no profit you want to seriously look at getting out of the industry. You don’t want your business to get out of hand, you don’t want to go bankrupt, so you can afford to live. You should always put a limit on how much money you can be in debt and still live off of. Once you have a reached that point you need to pull out and make sure your losses are not going to overweigh your living expenses. Don’t let pride stand in the way of your standard of living. “The Four D's of a Business Exit; death, disability, divorce, departure. Once you understand the four D’s, include the following actions in the creation of your business exit strategy”. (“About,” 2011) After you have exited the business, make sure you don’t forgive to learn from your experiences and go over what you could have done better or different for next time. Just remember it wasn’t a failure, but a learning experience so you can get it right next time.
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